President Bola Tinubu has justified borrowing money from international financial institutions by his administration to finance its budget.
He emphasised that obtaining loans is not a criminal act and that they were obtained to develop the nation’s infrastructure.
President Tinubu said this during his first presidential media chat on Monday.
“Borrowing is not criminal. We have serious infrastructural challenge,” he said.
In November, the two chambers of the National Assembly permitted President Tinubu to obtain a $2.209 billion external loan, equivalent to N1.767 trillion.
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The loan would be part of the funds to finance the 2024 budget.
Since the approval, many Nigerians have criticised the Tinubu administration for taking more loans while struggling to pay the country’s debt.
Details later…
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